A hacker attack on Mixin Network resulted in the loss of $200 million in money. The decentralised wallet service’s temporary suspension of deposit and withdrawal services has been confirmed by Mixin Network on X, formerly known as Twitter, to the community. However, they can still use the platform to carry out transfer orders.
The services will be made available by Mixin Network after the team has found and corrected any vulnerabilities.
Mixin Network claimed that hackers had targeted the cloud service provider’s database and that it had worked with Google and SlowMist to carry out an investigation. Money in the form of assets was taken during the cyber attack. All the nodes have agreed to the decision to resume deposit and withdrawal services.
The team has stated that going ahead, it will give more information on how it intends to address the issue. The situation will be personally addressed by Mixin Network’s creator, Feng Xiaodong, in a free, public Mandarin webcast. The meeting is slated to start at 13:00 HKT on September 25, 2023. The speech will later be made available to users worldwide in English translation.
Mixin Network has expressed regret for the incident and given the public reassurance that the team would make every effort to limit the losses.
The neighbourhood has not received this announcement kindly. The majority of them have voiced their displeasure by complaining that network hack attacks are getting more frequent. Others expressed their hope that this was not an insider’s account.
To let everyone know that the team is assisting Mixin Network with the investigation, SlowMist broke the news to its community. Everyone has been urged to visit the Mixin Network for more updates.
The Mixin Network’s decentralised structure is being questioned by some members of the community. This is revealed in the section of the notification that says the cloud service provider’s database has been attacked. They want to know how the service will handle the peer-to-peer market.
Hacker attacks are widespread in the sector, it’s true. A DNS attack recently targeted the front end of Balancer’s website. As a result, Balancer, a decentralised exchange based on Ethereum, has to request that its users refrain from interacting with the website. There was a risk that it was referring users to a phishing website that contained a harmful contract meant to defraud consumers of their money.
The X account belonging to Vitalik Buterin was also hacked. Although his network was not attacked directly, his supporters were duped into making purchases that eventually totaled over $700,000 in non-fungible tokens and coins.
Users will be able to access deposit and withdrawal capabilities once Mixin Network has identified and fixed issues. They can still use the site to send and receive transfers up until then.